/NOT FOR DISTRIBUTION IN THE USA/
KAMLOOPS, BC, Dec. 6, 2023
/CNW/ - Progressive Planet Solutions Inc. (TSXV: PLAN) (OTCQB:
ASHXF) ("Progressive Planet", "PLAN", or the "Company"), a
leader in developing CleanTech solutions for the planet, announces
it has filed consolidated financial statements and related
management's discussion and analysis ("MD&A") for the fiscal
quarter ending October 31, 2023 ("Q2
2024") on SEDAR+. These documents are also available on the
Company's website.
"Progressive Planet reported record quarterly revenues and
income from operations in Q2 2024," says Progressive Planet CEO
Steve Harpur.
Added Harpur: "With two credit facilities totalling $3.21 million remaining unused at quarter ended
October 31, 2023, and with cash on
hand increasing by $0.32 million
since quarter ended July 31, 2023, we
are funding growth with operating cash flow without raising new
equity."
Fiscal Q2 2024
highlights
- Operating cash flow increased to $0.67
million in the six months ended October 31, 2023, from negative $0.11 million for the six months ended
October 31, 2022
- Income from operations was $0.26
million for the current quarter, a 111% increase from the
income from operations realized in the quarter ended October 31, 2022, and the highest amount ever
achieved by Progressive Planet
- Revenue increased to $5.44
million in Q2 2024, an increase of 3.0% from the
$5.28 million reported during the
comparable quarter ended October 31,
2022, and an increase of 9.3% from Q1 2024
- Increased gross margin1 by 2.7% to 29.3% from Q1
2024
- Selling expenses decreased by 12.3% during Q2 2024 from Q2
2023, due to operational improvements
- Net loss of $0.18 million in Q2
2024 includes a $0.44 million
write-off of the Company's Heffley Creek Metals and Pozzolan
property as well as $0.13 in research
and development expenditures
- Existing credit facilities remain unused with $3.21 million in available credit at the end of
Q2 2024
- Cash on hand was $0.69 million on
October 31, 2023, compared to
$0.37 million on July 31, 2023, and $0.70
million on April 30, 2023.
Accordingly, Progressive Planet generated cash of $0.32 million during the current quarter and has
only consumed $0.01 million fiscal
year-to-date
During Q2 2024, Progressive Planet implemented cost cutting
initiatives to save $900,000 in
annual reoccurring costs. The effects of the cost cutting
initiatives will start in the quarter ending January 31, 2024.
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1.
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Gross margin is a
non-IFRS financial measure. This ratio expresses gross profit
as a percentage of revenue for a given period. It assists in
explaining the Company's results from period to period and
measuring profitability. This ratio is calculated by dividing gross
profit for a period by the corresponding revenue for the period.
There is no directly comparable IFRS measure.
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Progressive Planet provides regular information for investors on
its website: progressiveplanet.com/investors/. This includes
press releases and other information about financial performance,
patents filed, and information on corporate governance. For further
information or investor relations inquiries, please contact:
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
About Progressive
Planet:
We are a CleanTech and manufacturing company with proven product
lines based in Kamloops, British
Columbia. Our expertise lies in developing critical
low-carbon and carbon sequestering solutions using our owned
mineral assets and recycled materials to create planet-friendly
products that fight climate change and protect our planet's
health.
Our products are in 10,000+ retail stores across North
America. Our innovations, created at our C-Quester™ Centre of
Sustainable Innovation, bring positive disruption to the cement,
agricultural and animal-care sectors by creating products that help
reduce carbon footprints and restore ecosystems.
Forward-Looking
Statements:
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the matters described herein. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations, or intentions regarding the
future. Such statements are subject to risks and uncertainties that
may cause actual results, performance, or developments to differ
materially from those contained in the statements. No assurance can
be given that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including factors beyond the
Company's control. These forward-looking statements are made as of
the date of this news release.
Disclaimer:
This news release, required by Canadian laws, does not
constitute an offer of securities and is not for distribution or
dissemination outside Canada.
SOURCE Progressive Planet Solutions